TRANSCRIPT
00:01
this is a Caesar as a potentially very
00:05
big topic I’m gonna try to condense it
00:07
fairly short amount of time the first
00:11
thing that spoke about is the power
00:12
elite and the those of us urges and
00:17
power alien alysus ramifications which
00:21
are fascinating always accused of being
00:23
conspiracy theorists and the thing about
00:26
the the analysis is those theory
00:28
involved in this thing and except except
00:30
common sense it’s not that somehow we’ve
00:32
got a theory and that’s something
00:34
imposed it on the fact these analyses
00:37
pop up for the fact that they’re out
00:39
stare out at you you begin to see
00:42
connection example the suppose you look
00:46
at the paper you open up New York Times
00:47
or whatever you see that Congress is
00:49
just passed a steel import quota
00:51
increases feeling poor corridors past a
00:53
new automobile import quota and
00:57
supposing you think to yourself I mean
01:00
do you think to yourself a well gee it
01:03
looks like a few intellectuals and
01:05
congressmen selling up suddenly guns
01:07
where there has been creepy import quota
01:09
already say to yourself I guess the oil
01:12
interest only of a steel in Jerusalem of
01:15
the or viola of interest have been
01:18
lobbying framework for increasing port
01:20
quarter which of the two D is saying if
01:22
you say to yourself if somebody says I
01:26
guess the occasional automobile in port
01:28
quarter they wanna be honest reading and
01:29
lobbying for it does somebody say no
01:31
you’re a conspiracy theorist clearly
01:34
clearly not every German nut but think
01:37
that import quotas been established or a
01:39
tariff is an increase because of some
01:40
abstract intellectual interest without
01:44
the drive for out of the of the
01:46
particular industry it’s fake now the
01:49
thing is that doesn’t a conclusively
01:50
proven anything first you have the
01:52
hypothesis hypothesis the steel import
01:55
quotas increased yesterday okay there
01:58
are processes it looks like the
01:59
stealing’s lobbied for it and then you
02:02
find out you’re looking in the situation
02:04
you find out nine times out of ten of 99
02:06
times out of 100 yes and D they did a
02:07
lot before and that’s it so that’s the
02:10
height that’s how you get the hypothesis
02:11
then you look for the evidence
02:13
it usually is fairly clear so this is
02:16
this is clear on and that kind of a
02:18
level of tariff or import quota or a
02:20
lobby for some airport you find out who
02:22
did it gets the contract things of that
02:25
sort
02:25
it’s fairly obvious and economic
02:27
interests are pushing for it where it
02:30
gets controversial so to speak is going
02:32
get a little bit more abstract a little
02:33
bit more systemic lobbying for example
02:36
for some kind of measure which is
02:38
supposed to be just with gentlemen for
02:40
effective central bank we’re talking
02:42
about tonight or or some kind of
02:45
regulatory commission or a war and that
02:49
sort of situation it becomes somehow
02:50
controversial to look at the possible
02:52
economic interests which have been
02:53
lobbying for it and if you stay with you
02:58
look if you start looking around for
02:59
their evidence and you usually find it
03:01
but usually you don’t look for evidence
03:02
the problem as historians mostly don’t
03:04
look for evidence and the more abstract
03:06
level and particularly with financial
03:11
groups involved the campus Chicago
03:17
economists a pretty good one ideally in
03:19
sipping industry like specific
03:21
Regulatory Commission say the ICC in the
03:23
railroad pretty clear an Interstate
03:26
Commerce Commission lobbied for for the
03:28
railroad interests there’s not put in by
03:31
intellectuals and abstract leftist or
03:33
somebody’s put in by the railroads
03:34
themselves but Carta lies the industry
03:37
problem of the Chicago School they don’t
03:39
go far enough to look for the financial
03:40
interests underneath underlying the
03:42
various industrial with various industry
03:44
or financial interest investment bankers
03:47
and commercial bankers which which cut
03:49
across narrow industrial line we get
03:56
more specific because there’s an
03:58
empirical question you get more specific
04:00
in the late nineteenth century various
04:04
groups of the businessmen tried to Carta
04:06
lies their industry monopolize apart lie
04:08
the industry first in the railroads in
04:12
the eighteen sixties and seventies and
04:13
then of the manufacturing ninety and
04:16
they tried the theory was and
04:22
firms cut production raise prices they
04:26
buy increased profits and this is the
04:29
this is the attempt this is the theory
04:31
either first part cartels getting
04:34
together and say look well raise the
04:35
prices or is a reason railroad rates or
04:37
whatever but in order to do that you
04:39
have to cut production you have to cut
04:41
railroad shipments with the railroad so
04:42
that’s very difficult to do they arrange
04:44
a quota kind of system you cut
04:46
production anyway if they try to do that
04:48
and never worked nor the father rule
04:50
didn’t work we cannot make theory shows
04:53
us it will never work okay two reasons
04:56
one because internal pressure because
04:57
different firms have a temptation to
05:00
cheat on the cartel to undercut the
05:03
either cartel buddies and pick up more
05:06
and more sales or new firms come in they
05:10
see this industry getting high profits
05:11
they cut in the sandwich a new plant
05:13
with more modern equipment and they’re
05:15
permanently and the others they smash
05:17
the cartel and you’re stuck forever with
05:19
a newer dangerous competitor so for
05:22
those reasons but first in the railroads
05:24
and then a manufacturing cartels and
05:26
mergers didn’t work the great merger
05:29
boom late mate tomb 1898 1902 200
05:33
industries or so private monopolies one
05:36
monopoly company each industry in order
05:38
to cut production rates prices all of
05:40
them almost a little more cooperatively
05:42
collapsed so with that when that
05:45
knowledge various courts would be
05:49
cartellis decided to turn the government
05:51
through the caramel is Asian for Levin
05:54
this is the essence of the so-called
05:55
progressive Progressive Era which lasted
05:59
approximately my but officially from
06:01
1900 1918 actually for from then on they
06:04
were still living in it basically and so
06:07
the theory was we get together we get
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the government either state or urban or
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state or federal to do the Carta lysing
06:15
for us of course the model of that was
06:18
Bismarck and the impression Germany in
06:20
late 19th century it forced all the
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firms in the one in one cartel get them
06:25
fortunately going along with cutting
06:27
production and raising prices where the
06:30
government is sort of the big the big
06:32
brother so running everything
06:34
arbitrating prices and wages and having
06:37
high powers keep at competitive imports
06:40
that was the basic schema and the in the
06:45
in the night and around 1900 several
06:48
financial groups began to form around
06:50
mount banks around investment banks
06:52
commercial banks and particularly the
06:58
from the panic of 1873 on VP Morgan and
07:01
company were major investment banker
07:03
first and railroads and then
07:05
manufacturing later on Morgan’s start of
07:08
a very beginning with the theory are
07:10
Carta lysing organizing first of all
07:13
organizing railroad cartel they didn’t
07:15
work and then Morgan turns to the
07:17
federal government will force it for
07:19
them in the Interstate Commerce
07:19
Commission and then a manufacturing in
07:23
late 19th century 1890s
07:26
so about 1900 what you’ve got this is
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two competing financial groups more like
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you have the Morgans on one hand
07:34
JP Morgan company and all their vast
07:36
network corporations which they
07:38
controlled on the one hand versus
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another combine consisting of three
07:45
groups the Rockefeller Empire starting
07:50
of course with Standard Oil and Burton
07:52
moving outward to end the banking and
07:54
finance etc allied with of the Harriman
08:01
who was a everyone element was a big
08:02
where respective bring in railroad
08:04
financier and speculator who took over a
08:06
lot of railroads under the nose of
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Morgan so they were getting hated
08:09
Harriman and Herman’s expanding out into
08:14
finance also plus Kualoa a german jewish
08:19
investment banking house in new york
08:20
which also which really which really
08:23
anticipated morgan and going up in
08:24
manufacturing so they were something so
08:26
the three of them form an alliance
08:27
basically what you’ve got from that 1900
08:30
on the rockefeller
08:32
culo of Harriman alliance versus the
08:34
Morgans this is the big titanic struggle
08:37
which helps it helps explain American
08:40
politics from making Heather talk
08:42
through World War two more or less the
08:45
paradigm
08:46
much more by the way explanatory on the
08:48
Republicans versus Democrats that
08:50
whoever happens to run each year and
08:51
sort of stuck with you well it’s the
08:53
puppet show or public and one of the
08:55
things that comes into this picture I
08:57
think one of the keys the beginning of
08:59
this kind of analysis is if you see a
09:02
you see you notice what somebody’s doing
09:04
in government somebody some President or
09:06
cabinet minister Secretary of Treasury
09:08
or whatever our Federal Reserve Chairman
09:11
you notice what they’re doing the most
09:15
historians what they say as someone so
09:17
enter a government of the EO whatever in
09:18
1990 40 whatever he did such-and-such
09:20
for about four years rate years any
09:22
disappears in other words as if it’s as
09:25
if the government official dropped out
09:26
of heaven or somewhere and did things
09:29
and then left and then disappears from
09:31
the scene well that kind of analysis but
09:35
seeks me where to be competing view of
09:37
this I think this is the Orthodox view
09:38
you read about John Foster Dulles over
09:40
every the program a Grover Cleveland or
09:41
whatever they do things in government
09:43
and they leave they come into the
09:45
picture that you think I’m going leave
09:46
and that’s it and nobody ever connects
09:48
this up but what they did before after
09:50
what would he do because they have a
09:51
light before they enter government and
09:53
after they left government if you really
09:56
average the Orthodox a story they don’t
09:58
have a life they just company this pop
09:59
up from Maryland bus and they do things
10:03
in this appear once you once you look at
10:04
the all you have to do so look at the
10:06
situation what do these guys do before
10:07
they enter with President or Secretary
10:09
of Treasury or whatever and what they do
10:11
ask the word and what’s he mean you
10:13
bring that in the picture you get a
10:14
whole if it’s so-called conspiracy
10:15
analysis pops up almost leaps out at you
10:17
it becomes almost evidence this is one
10:21
example I can get hundreds of examples
10:22
in American history one of the examples
10:24
Grover Cleveland I actually happen to
10:25
like certainly a better president
10:27
anybody succeeded him think bad about
10:29
that rover clean owes a favor lays a
10:33
fair so have a very consistent except a
10:36
railroad part a railroad question he’s
10:39
in favor the Interstate Commerce
10:40
Commission passed and his administration
10:42
which of course set up the first
10:44
Regulatory Commission for railroads how
10:47
you look at it
10:49
abstract for abuse you might say well
10:52
how is it the bull the cleveland rate
10:54
everything simply somehow waffled on
10:55
railroad well it might be connected of
10:58
fact you look at what Cleveland did
10:59
before he became her president between
11:02
his two terms and after he left who was
11:04
he did he have a life before that this
11:06
is being a young my Stein and Grover
11:08
Cleveland the indeed was a repop
11:10
railroad attorney in Buffalo is
11:12
connected Lee Morgan dominated New York
11:14
Central Railroad as big buddy and
11:17
partner and partner Wolf’s partner
11:19
before and after he’s president as
11:21
Francis no none other than Francis Lee
11:23
Stetson who the the top personal
11:25
attorney for JPMorgan we once you look
11:27
at that and once you look at the fact
11:29
also the Morgan was a major driver for
11:31
the Interstate Commerce image major
11:33
person pushing it then everything
11:35
because it gets clarify right the light
11:37
up or the fact that John Foster Dulles
11:40
and brother Allen who ran American
11:42
foreign policy for about forty years it
11:45
seemed like it but less than that I
11:47
would say 20 years for the Dulles
11:50
brothers why did it goes well normal
11:51
American foreign policy is it connected
11:53
with the fact they were both top before
11:55
that with top lawyers to stand alone New
11:58
Jersey and Rockefeller oil Empire
12:00
their policies have some connection with
12:03
that fact they did so that opens up the
12:08
whole interconnection of the power a
12:12
leak okay if we look at that that that
12:16
picture and look at the fact that the
12:20
various presidents are so connected with
12:22
either the Morgans or the opposition of
12:25
Rockefellers during this whole period it
12:27
doesn’t say it clarifies the enormous a
12:29
man about American political history
12:31
particularly because and by the way it’s
12:33
even more that I can’t go into this what
12:36
happens is this a tragic event to me the
12:38
most tragic single event in American
12:39
history in 1896 when the Democratic
12:41
Party had been the party of lays a fair
12:44
now ideologically committed party leader
12:46
here as captured by the extreme status
12:49
on Iran William Jennings Bryan and the
12:51
whole thing then old Democratic Party as
12:53
a lazy a fair party disappears in those
12:55
days political parties were very
12:58
different from them it’s totally
13:00
different what’s been great for those of
13:01
us with political junkies with no
13:03
because the political parties were
13:05
strongly ideological and not totally
13:07
consistent but remarkably consistent
13:09
ideologically they were organized around
13:11
a certain key values and policy so the
13:15
members were very loyal then members
13:17
when they socialized that members the
13:19
general public got interested
13:20
everybody’s either democrat or
13:21
republican no independent voters those
13:23
are things independent it’ll committer
13:25
to that you grew up as a democrat or
13:26
republican
13:27
and you’re loyal to it and the reason
13:29
why they had an ideology it wasn’t just
13:30
you know scrambling for office so
13:32
looking good on television so therefore
13:35
any feud if your candidate waffle if
13:37
you’re a Democrat a Republican candidate
13:39
waffles on principle you know vote for
13:40
him you get very tea oted this you know
13:43
vote until your party loses so as a
13:46
result even candidates were more
13:48
militant more ideological during the
13:50
campaigns in the world rest of the time
13:51
until the opposite mood present
13:53
situation so this is the this is what
13:57
happens in 1496 after 1896 with a lady
14:00
fair lost its political voice everybody
14:04
forgets most the public camera and you
14:06
know I amnesia potion politically and so
14:10
people forget and then this left up a
14:11
macular the fact then on the party
14:14
system 1896 on the more lies like that
14:17
is now in other words non-ideological
14:18
centrist semi status and all that
14:21
because of that the things of parties
14:23
are no more important and it’s left a
14:25
vacuum on the political power vacuum for
14:28
technocrats bureaucrats and big business
14:30
types that take over the power elite to
14:33
move in they couldn’t do as well before
14:35
that so what you’ve got is say the oh
14:40
well that’s it the most all of you guys
14:42
wanted Kartal is a by 1900 not just
14:45
the Morgans most of the rockefeller
14:46
Harriman group none of them were doing
14:48
now committed to this concept the
14:51
problem is how do you put this across to
14:52
the average voter the average voter
14:54
effort on the american voter has a
14:55
tradition through the united states a
14:57
anti-monopoly to this program are cut
15:00
pro competition anti-monopoly many state
15:03
governments for example had in their
15:05
constitution an original state
15:10
government had a constitution outlawing
15:11
monopoly by a monopoly they’re not mean
15:13
out when big business or
15:15
you know having a falling demand curve
15:17
what they meant grants of monopolies
15:19
privilege by the government outlawing
15:21
any grants not the exclusive privilege
15:23
to seller produced by government so
15:26
America was raising an anti-monopoly
15:27
tradition at walls anti status – there’s
15:30
no how does it get away
15:31
how does it handle the head of the
15:32
Morgan type to get away with this how
15:33
they put across Kartal is a ssin of the
15:36
American system the way they put it
15:37
across what to form an alliance of the
15:39
opinion molding groups class and society
15:42
if any more about volume intellectuals
15:44
like academics writers journalists media
15:50
will now call the media they form an
15:53
alliance with them to put this of course
15:54
the it so happens about 1900 the
15:59
intellectuals in the media settler right
16:01
for this kind of alliance for one thing
16:04
with a lot more of them in other words
16:05
technocratic tremendous technocratic
16:06
explosion of late 19th century
16:08
engineering school phd’s came in it for
16:11
the first time and and engineering
16:15
school social workers became a
16:17
profession or you want a shrinks
16:19
position all these all these people
16:21
wanted expanded their face they won’t
16:24
want to restrict their doors to supply
16:26
their like their profession I think if I
16:28
want to keep the other guys that license
16:30
to have a licensing or rest of it so
16:32
they want a licensing we also wanted to
16:34
be able to staff a new a new
16:36
intervention of society move a new order
16:38
they want to have jobs in the new order
16:40
which for one thing under a free market
16:42
capitalism any intellectual don’t get
16:44
the jobs to which they think they should
16:45
become accustomed it’s not much it’s not
16:50
much how much at me how much you were
16:52
Rolo there for a story and any promise
16:53
in all that and one of the one of the
16:56
problems also you cannot mention general
16:57
economics profession is you get R I
16:59
forget to the mini-grid II is what jobs
17:01
can we offer work jobs in austria
17:03
austrian world offering cannot make so
17:05
we’re not not much teaching of course
17:07
they can’t offer much in any place out
17:10
you can’t offer for casting you know big
17:12
fortune jobs in government or
17:14
forecasting models on the rest of it if
17:16
we remove that long nonsense so this is
17:18
it restricts is the opportunity open for
17:20
job opportunity for autonomous no
17:23
question about that
17:24
so these people saw that they saw hey
17:27
this is great
17:27
we can offer them they can offer them
17:29
jobs in the economist particularly poor
17:32
thing offer them jobs apologizing to new
17:34
order and we collected those
17:36
dimensionless order and jobs in the
17:38
order planning it or a story and writing
17:40
kiosks of the presidents and things like
17:42
that
17:43
bocce golfer and white king and a new
17:45
interventionist order of which we not
17:46
exist in the free market also many of
17:48
these people have well-known got had
17:50
before we can get PhDs here the peaches
17:52
in Germany and what to Germany and get
17:54
PhDs first the first academics late 19th
17:58
century they will in view with a spirit
18:00
of a new of the new intervention as new
18:02
organic statism transcending the alleged
18:05
evil relation here on the one hand and
18:08
Pollock Aryan Marxism of the other these
18:09
people there was status in like Paula
18:11
Terry incipio anyway in like couple of
18:14
Marxism and make sure you have the
18:15
rubber elbow is a lot of rubbing types
18:17
this is this gives you a statism of a
18:20
higher level anarchical sadism big
18:21
business data than the rest of it so we
18:24
ran so now we have the alliance there
18:26
was now right for an alliance bikinis
18:27
due to new social groups or big business
18:29
groups one hand also the new
18:31
intellectuals Technic graph in the front
18:32
and the other you read some of the stuff
18:35
I reckon my for example the great book
18:36
was written by James Gilbert in 1908
18:39
1960s called designing industrial state
18:42
there I go beautifully intellectually
18:44
with knives and wonderful acidic bitter
18:46
a book of having people but he calls
18:48
collectivist intellectuals the whole
18:50
mindset and one typical thing is not
18:53
directly right of a feminine directly
18:55
cha Steinmetz you bring an inventor was
18:58
a socialist you would have book about
18:59
importance of world socialism I forget
19:01
the title around this period by 1905 or
19:04
something like that and the thing that
19:06
Steinmetz he was the he was the big
19:08
philosopher inventor and theoretician
19:10
for General Electric which were Morgan a
19:12
big Morgan company and basically what he
19:16
wanted was General Electric social turn
19:17
he wanted a world government run by
19:18
General Electric with him as the
19:20
philosopher king of the philosopher –
19:21
inventor essentially Steinmetz social
19:24
and okay so that’s the sort of he
19:27
symbolizes quote to some to symbol
19:29
purpose in the new order so to speak
19:32
oneness time hasn’t it was the New
19:33
Republic magazine it still unfortunately
19:36
live us which was founded in 1914
19:38
the big liberal left liberal
19:40
collectivist kind of I’d like to a
19:42
magazine and who’s found an interesting
19:45
thing is who founded it was founded by
19:46
by the Morgan partner willow straight in
19:49
his wife was a Morgan heiress of Whitney
19:51
heiress in other words to me is also
19:53
symbolizes big business – social
19:56
intellectual alliance and Morgan a
19:58
beautiful symbol of a morning – social
20:02
circle of the intellectual order survey
20:06
any right
20:07
the usual view to get the Federal
20:09
Reserve System Federal Reserve System
20:11
the part of the whole progressive
20:12
movement it’s not just isolating it has
20:14
to be considered in context just as big
20:17
business was reaching forward trying to
20:19
get a Federal Trade Commission Act which
20:20
they did the Carta lies industry in
20:22
general to do for the thing that sprays
20:24
at that point was we need something to
20:26
do an organization to do for general
20:29
industry their own business what the
20:31
Interstate Commerce Commission did or
20:32
not – but for railroads and what the
20:35
Labor Department does communions what
20:37
the Agriculture Department us to former
20:38
this up in other words to help them out
20:40
for unquote so that was an in Federal
20:44
Reserve System conceived off my bank by
20:47
big bankers to fertilize the banking
20:49
system America – thanks American banking
20:52
system had gotten a little too
20:53
competitive 1900 what happened during
20:57
the Civil War the banking system changed
20:59
from a more or less free market – well
21:03
it’s a big banking system let me keep 40
21:05
gone after Jackson to destroy the first
21:07
bank more or less free banking system a
21:10
total civil war in the Republican Party
21:12
which is a big status party at that time
21:13
use the Civil War to push through their
21:16
entire economic program within high
21:18
tariffs hue subsidies and railroad
21:21
things like that and part of which is
21:22
the destroying the destroying the
21:25
competitive banking system it’s that
21:26
meatless replacing it with the people of
21:28
a status banking a centralized banking
21:30
system called a national Banking Act a
21:31
national banking system but where which
21:34
which monopolized
21:36
issue banknotes in national banks
21:40
instead of state banks and to a semi
21:42
several iced over halfway house to a
21:44
central bank by late by night by 1890s
21:48
in the fourth Street and especially Wall
21:49
Street banks running
21:51
with a pyramid and credit on top of
21:54
several Wall Street banks but 1890s
21:58
we’ve been focusing the crow was
21:59
slipping away from those too much too
22:01
many upstart banks in st. Louis and
22:03
Chicago and things like that and also
22:06
they were writing about the fact that
22:09
was so far in the elasticity of the
22:11
money supply in other words in it any
22:13
lies this is a cold war for not enough
22:14
money being poured out and because they
22:18
couldn’t print they couldn’t create
22:19
enough money during especially during
22:21
recession and especially they have to
22:22
contract they’d be a expand during
22:24
booming and creating a boom period and
22:26
would be things you got to Harry they
22:28
have to contract if the banks might go
22:30
under they needed a central bank
22:31
imported from Europe and neither a
22:33
lender of last resort a bale of banks
22:35
out of the centralized reserves that can
22:37
all expand together and to expand even
22:40
during the recession so that was the
22:41
that was the base in other words the
22:42
cart allows the banking system banking
22:44
analog to attempt the government cartel
22:47
any other areas in this particular this
22:51
particular banking area but two big
22:53
clashing meet ours Morgan’s on the one
22:57
hand the Harriman Rockefeller Coulomb
22:59
line on the other or an agreement
23:00
there’s no problem they both agree we
23:03
need a simple back okay so the question
23:05
was the question was how do we had a
23:07
maneuver vez they were in agreement
23:09
and I get the dumb masses to go along
23:11
with it the basic approach the Orthodox
23:16
view is of the driver Federal Reserve
23:17
started after the panic of 1907 because
23:21
people got scared bankers got scared
23:24
decided I need a central bank started
23:28
long before that started about 1896 and
23:33
what the but the Morgans wanted the
23:36
Morgans essentially one of the comment
23:37
they were afraid of Brian but it Brian
23:39
they this in favor of self government
23:41
inflation and not Bank a bank credit in
23:43
place so they didn’t like blind at all
23:46
Morgan’s had to leave a democratic party
23:48
and they made an alliance of leave with
23:50
the Rockefellers and running the
23:51
Republican Party of the time and but the
23:54
Morgans wanted basically was a
23:55
continuing a gold standard in one of
23:57
those temperatures they wanted the
23:58
illusion of soundness but they wanted
24:00
expanding bank credit on top of
24:02
the central bank also no other one of
24:05
basically a Federal Reserve System and
24:08
and the idea was because the previous
24:12
system was not elastic and not quote
24:13
unquote so that was the first day got
24:17
the gold standard through by not 1890s
24:18
from McKinley victory and also in 1900
24:21
but he defined 1897 they decided they
24:23
needed they needed stimulate a phony
24:27
grassroots movement but when they
24:29
couldn’t honey gotta fire reverses you
24:30
can’t have Morgan visionary
24:31
pronouncement not like our work most of
24:33
the public some obscure even suspicious
24:35
of Wall Street and Morgan but they
24:37
weren’t they were edgy he had to they
24:39
had to stimulate a phony grassroots
24:41
movement and they searched for the
24:43
middle of West little West motivated a
24:45
Heartland
24:46
good old boys Middle West of a state
24:49
space at the phony Indianapolis monetary
24:53
convention of the first session in 1896
24:55
a great book on this when we left the
24:57
story and rub rub Jim Livingston called
24:59
it the origin the Federal Reserve System
25:01
goes into this at some wonderful lengths
25:03
about the how they exactly this thing
25:06
worked
25:06
so they pretend there’s only bit small
25:09
businessmen in Indianapolis in Indiana
25:11
across the country only it’s a Heartland
25:13
has nothing doing Wall Street banks it’s
25:14
only the heartland however if you look
25:16
at the who actually running it the
25:18
Morgan people’s with Morgan from
25:19
beginning to end
25:20
so they have an Indianapolis monetary
25:24
convention 1896 another 197 they have of
25:27
a state pioneer we call a phony
25:29
questionnaire technique very effective
25:31
from public relations point of view they
25:33
send out questionnaires the various
25:34
bankers and businessmen all over the
25:36
country with a sort of loaded questions
25:38
that’ll get the right answers and then
25:39
they get the answers back of the hey mm
25:41
business I want you know so go back
25:43
wherever or whatever so they call for in
25:47
1897 Nicole Forbes goes to enter into
25:50
kindling whenever and a central banking
25:53
system to provide the elastic money
25:57
supply so it starts with an associate
25:59
understand 1897 it starts with and then
26:04
the various two secretaries of the
26:06
Treasury the first for another McKinley
26:08
was a rockefeller McKinley is a
26:09
rockefeller purse
26:11
one can leave they allowed bankruptcy as
26:15
governor of Ohio by the Rockefeller
26:17
combine so he the home Rockefeller and
26:22
McKinley secretary of the Treasury Wyman
26:25
JJ’s was a Rockefeller Chicago banker
26:28
for something for Central Bank of
26:30
Chicago which basically Walker for bank
26:33
and so he kind of used he was promoting
26:36
the idea of a simple bank in pursuit of
26:39
that and after after Teddy Roosevelt got
26:42
in to a lone nut’ assassin one of the
26:44
many lone nuts in American history
26:46
hopping off the Kinley so tell you was I
26:50
was a Morgan person was shoelaces up
26:52
suddenly becomes president he puts in a
26:55
Morgan personally Leslie show off from
26:58
Iowa and he’s trying to act as a central
27:01
bank and Treasury acted the central bank
27:03
and it didn’t seem to work too well I’m
27:05
telling you I have to stop so at that
27:08
point when it’s going to stop working
27:10
but as obvious the Treasury couldn’t
27:12
function a separate might have got a
27:13
central bank central bank at that point
27:16
they got very serious by 1906 and put on
27:19
the big push for a Fed or a central bank
27:23
interestingly enough they started the
27:24
idea of a parody two to one parody
27:27
system New York Chamber of Commerce
27:31
started the model of the final drive for
27:35
Southern Bank Arthur Jacob Schiff
27:36
powerful head of convolving company
27:38
makes a speech before the New York
27:40
Chamber of Commerce urging a central
27:42
bank point more elastic money and all
27:44
that and they set up a committee to
27:46
study it committees headed by Frank
27:48
Vanderlip who’s mr. Rockefeller and
27:50
banking speaker the vice president of
27:52
the National City Bank of New York with
27:54
you were total Rockefeller control bank
27:56
and he sets up a committee I think the
28:01
Koehler Commission of five people to try
28:04
to study the study the banking public
28:06
always study I mean the solution is
28:08
always written as a mantle all eyes have
28:10
five experts get together and think
28:12
about something for a couple of weeks
28:13
you come up my god they come over the
28:14
central bank idea so the parody was just
28:17
is so likely watching this on the
28:18
conference in 1920s to to rockefeller
28:21
people to Morgan person to know
28:23
on one coulomb verse 2 to 1 so the
28:26
committee was originally a committee was
28:27
just invented a look for the
28:28
Rockefellers George Baker and Morgan’s
28:31
closest ally for boyhood in the
28:33
First National Bank of New York Jacob
28:35
Schiff and I’m engaged security Treasury
28:39
and VP Moore himself but they couldn’t
28:41
make it run up a Vanderlip plus four
28:44
other guys who indeed to be constituted
28:47
to Morgan people to Rockefeller people
28:49
in one too low a person and they come
28:51
out with a for the report it’s calling
28:56
for central bank once again they get and
28:59
the anytime of the American Bankers
29:01
Association have been an out now they
29:03
have to convince the American Bankers
29:04
Association not that easy but the small
29:06
bankers were suspicious so you start
29:08
with American Bankers Association set up
29:10
their own committee with staff and
29:11
Morgan and Rockefeller people and they
29:13
come up with their reporting and they
29:15
meet together with the other New York
29:18
State Chamber of Commerce group all the
29:20
same people old buddy buddy easily come
29:21
up ten independent expert by this time I
29:23
come out with a post central bank report
29:26
so that’s an income then comes the panic
29:31
of 1907 which is an expert more of a
29:34
push developing it really starts by
29:36
night by the end of 1906 the whole
29:37
thing’s really pretty well set the any
29:43
rate the other this particular outfit to
29:47
celebrate agent as weekend the site of
29:51
Lee of the famous secret conference in
29:52
December 1910 where the five guys got
29:55
together and white and write the pros of
29:57
that I just think about so they finally
30:00
get to that stage when these are see
30:03
that these get a shrine in a song and
30:06
story and they are these are first of
30:11
all was was was organized by winter of W
30:14
human mind melt some W Ulrich the
30:16
senator from Rhode Island majority
30:17
leader he studied charters the car
30:21
because there’s no plane he couldn’t fly
30:22
down it was a car charter Newark station
30:26
in New York and he everybody had a stake
30:29
named recorders and register the whole
30:31
thing
30:32
throw reporters or if they all sign
30:33
themselves some other professor Jones an
30:36
older said we’re just going down and
30:37
stick a line with a duck hunting
30:38
expedition this is a big dumb kind of
30:40
place
30:41
so apparently one reporter actually
30:44
found out about the purpose of this for
30:46
some reason somehow the older over genes
30:49
were able to silence them one way or the
30:51
other explored yet keep them quiet there
30:57
were guys who went down of this thing
30:58
presumably the headquarters were
31:00
provided by JP Morgan with public
31:01
founders of Jekyll Island Club
31:04
Ullrich who’s over again you look at the
31:07
who the guy is and real life and hit
31:09
what he is involved in politics he was
31:10
the majority leader Senate many years
31:13
Republican wholesale grocer from Rhode
31:15
Island and started a fairly you know
31:18
fairly modest well modestly wealthy and
31:20
leaves the Senate LaMacchia
31:21
multi-millionaire you know a salary of
31:23
fairly low
31:24
you’ve never been investigated how he
31:26
can grab this anyway think that old
31:28
Richie interesting thing about Ulrich’s
31:29
was his daughter Abby Mary john d
31:31
rockefeller jr. it’s always good to have
31:33
your daughter Mary Mary Rockefeller so
31:36
he is mr. Rockefeller from then on in
31:39
the Senate and so he’s organizing
31:43
anything had a national monetary
31:44
Commission routine to Congress have
31:47
study some scholarly studies showing why
31:49
you have had a federal versus that’s
31:51
upset the stage and it was a flawless it
31:54
brings within the following people was
31:55
two more against two Rockefellers one
31:57
King Louis four years after the original
31:58
paradigm
32:00
Aldrich Rockefeller person another
32:02
rocket all persons Frank Vanderlip I
32:04
already mentioned vice president
32:05
National City Bank and to to top Morgan
32:10
people Henry P Davison unit and partner
32:12
if he more in a company the top Morgan
32:14
partner so secretary of state of a
32:16
modern world empire see some of the more
32:18
some of the partners are interested in
32:20
mostly in either politics or merging
32:22
others are regular banker bankers
32:24
Davison with the tub for external
32:28
backers and the Charles Norton presently
32:32
for seneschal Magna York which the
32:34
Morgan figure Bank those are the two
32:37
Morgan people
32:39
and paul warburg kilo a partner just got
32:42
more Warburg was brought over Mike
32:45
Jacobs chef of 1997 as partner from
32:48
Germany property they were all related
32:50
and Warburton and shipper related really
32:53
obscure I mean incestuous waiter like
32:55
each everybody’s each other’s father or
32:57
something like that a cousin pretty very
32:59
complicated any rate although closely
33:01
related and whoever comes over
33:04
apparently getting a salary about five
33:05
hundred thousand a year which he knows
33:06
ladies like five million of six million
33:08
a year now cisely the purpose of
33:11
bringing us a central bank bringing us
33:12
the joys or the German Reichsbank I
33:15
don’t think he did anything else I think
33:17
it was this function so he was there he
33:20
had he’d been given the famous speech
33:21
1907 in favor of a central bank so he
33:25
was a these are the five guys and also
33:26
as an economist they have the five guys
33:29
plus a kept technocrat a Harvard
33:31
economist actually white thing other
33:33
specific clauses and they’ve advanced he
33:36
really was a now I was saying a pion
33:38
Andrew Harvard economist was big big fan
33:41
of a Federal Reserve System these six
33:43
these six people sat there for a week
33:45
and raft of the whole legislation and
33:48
there’s a lots of every vice kind of
33:51
take credit other systems everybody
33:52
writes his memoirs the claim I really
33:54
wrote a venial wrote it and I think it’s
33:55
been conclusively proven by Milton
33:57
Friedman and others but this is the same
33:59
stuff that’s really virtually the same
34:00
what was past four years later virtually
34:02
what they wrote right here in Jekyll
34:04
Island no almost no changes the reason
34:07
had a way they had a wait three years is
34:09
Democrats won the election in 1910 and
34:12
Congress and of course
34:17
Wilson won a 1912 sigh had a beat tool
34:20
in have older its older which is read
34:22
name on the bill because he’s a
34:23
Republican a big Republican had to have
34:25
a democratic the Democrats and
34:27
others too they have glass some of the
34:30
glass head resync it retool it also they
34:33
had a propagandized massive about why
34:35
this is really a grassroots movement and
34:37
J Louis lock on the heart of economist
34:40
was a big fan of Federal service that’s
34:43
appointed or higher to run to stop a
34:45
grassroots movement in Chicago once
34:47
again this is the Midwest April
34:48
heartland pipes
34:50
three of anymore student and allegedly
34:52
being an assistant H Parker will it’s
34:54
actually they’re pretty good guys I mean
34:56
right now relative to whites going on
34:58
now they were great but pressure or
34:59
lousy compared what we going on then
35:01
both federal reserve people and so they
35:04
set up this thing full of citizens
35:06
committee purse for banking reform
35:08
something like that in Chicago writing
35:10
pamphlets and tracks and propaganda why
35:12
we should have a Federal Reserve System
35:13
and allegedly allegedly with no
35:15
connection with Wall Street actually
35:17
Willis his memoirs later on so this
35:19
whole thing with frontal to me or
35:20
bankers admitted he turn against the
35:23
Morgans anyway about our policies fairly
35:25
bitter about something probably been
35:27
used so in any rate so they set up a
35:29
phony grassroots thing they convert a
35:31
businessman they the rid of the small
35:32
bankers of American Bankers Association
35:34
then they’re ready for the big push it
35:36
in Congress by late 1913 it’s almost
35:39
unanimously they get everybody of this
35:41
thing it’s run for was it okay so
35:44
Morgan’s the Rockefellers and the Kualoa
35:47
forces when then this question what do
35:49
you okay now as many of the cartellis
35:51
said it’s not enough to pass a
35:52
legislation you have to have sound
35:54
people on the board who’s running it and
35:56
then you have jockeying for power gonna
35:57
run this thing and of course it
35:59
generally accept that the Morgans were
36:00
going to run it and a B they did the
36:02
Federal Reserve Board and Washington
36:05
largely Morgan had other influences
36:07
there to the right seven people whatever
36:09
there is a coalition the Rockefeller guy
36:12
was frederic della know something number
36:15
proof minutes later you have to realize
36:19
about the Roosevelt family very
36:21
important about 420 essentially American
36:22
history the theodore roosevelt branch of
36:25
the Roosevelt family it’s the oyster of
36:26
a Manhattan Breyers has always been
36:28
Morgan connect that makes you mean it’s
36:30
almost his first Teddy Roosevelt he went
36:33
to college in Harvard Amelia married
36:35
Alice Lee visit Boston Brahmin type the
36:37
Boston bombers well Morgan a boy
36:38
oriented so he wasn’t and he and his
36:41
mentor beloved political mentors Henry
36:43
Cabot Lodge is virtually more than a
36:44
tool we have we took some the Theodore
36:47
Roosevelt wing of the family’s always
36:48
been Morgan on the other hand of
36:49
Franklin Roosevelt Wayne the beloved
36:52
Franklin on phone ring behind Park
36:54
Roosevelt’s were allied to their
36:56
neighbors and Hudson Valley in the
36:58
Susan the hammerman’s the harem of the
36:59
Opera people Hammond’s over-under
37:02
playgroup an American coming century
37:04
history that kept a low profile for some
37:07
reason you know a royal governor and a
37:09
Bachelor of the Russian everything else
37:10
in the key figure extremely wealthy for
37:13
us in the the Herman fortune
37:15
remember the Hammond Rockefeller kuhmo
37:16
of connection so any rate the so we have
37:26
Frank so we have uncle Frederick
37:27
Franklin Roosevelt’s uncle Frederick
37:29
Delano
37:30
I’ve also remember the Federal Reserve
37:31
boy he’s connected with a rockefeller
37:33
railroad I think of Chicago wool bash &
37:36
Company Railroad something like that so
37:38
anyways it was largely Morgan but wasn’t
37:40
Salomon Morgan the Federal Reserve Board
37:41
but those days the power was in the
37:44
hands of the governor throws her back in
37:46
New York and that that was the Keegan
37:48
loser guys doesn’t die and they can
37:49
gauge in open market operations
37:50
everything else and that was and that
37:52
was granted to Morgan person Benjamin
37:55
strong look at the Friedman’s favorite
37:57
banker Benjamin stone was asked to have
38:01
a post of governor back in New York
38:03
he said he well he doesn’t really want
38:05
it because he thinks it won’t be
38:06
powerful enough he was persuaded to take
38:08
the job I to two closest friends in the
38:10
world
38:11
Henry P Davison Morgan partner and a
38:13
neighbor got him into the hole and he
38:15
was strong with vice president Macker
38:17
cuss company which is set up on the
38:18
Morgan’s to engaging the trust business
38:20
and his mentor as closest buddy in the
38:24
world as MEP David Morgan partner
38:26
there’s other two closest friends were
38:27
or Dwight Morrow Morgan partner and I
38:31
think Thomas Lamont more important
38:33
anyway they got they worked on they said
38:34
don’t worry you’ll have the power
38:36
don’t worry about it he did and so we
38:39
get sent in follows a policy two men are
38:41
of a totally Morgan policy until he died
38:43
1928 when were the policy of expanding
38:47
the Howard young tremendous power that
38:50
septa lies in the banking system
38:51
expanding and plating the money supply
38:53
first to finance the war effort came
38:57
along well first thing well first open
38:59
has exported the Allies when the the
39:02
world war once started notice 1914
39:05
Thomas W Lamont I’m assuming how happy
39:07
Davison Morgan partner hops the first
39:08
boat to
39:09
the one that he couldn’t take the at the
39:11
Concorde but have the first boat to
39:13
London he makes an agreement for the
39:15
English of Bank of England the English
39:16
government which were very closely
39:18
connected Morgan Grenfell accompanies
39:20
one of the populous banks and so over
39:22
many years and so they make an agreement
39:24
with the British and French governments
39:26
as follows for the duration of the war
39:28
the morgan bank gets the fiscal agent of
39:31
Bank of England okay
39:32
gets the monopoly underwriting of all
39:34
British and French bonds in the United
39:35
States and a monopoly purchasing of all
39:37
British and French ammunition and food
39:40
everything else now with all supplies me
39:42
on stage it’s purchased written by JP
39:44
Morgan and company so they they fed the
39:46
contracts their own Morgan mostly their
39:47
own Morgan industry one company like a
39:50
US Steel International Harvester and
39:52
General Electric up it Oh lion’s share
39:54
of all this stuff so any rates
39:57
assistance of the strongest person
39:59
increasing money spike we had to first
40:02
the plans for foreign loans upon export
40:04
and then to get us in lorna pronounced
40:06
the war effort after World War one we
40:10
have a situation a very peculiar
40:12
situation then we’ll go to a great
40:14
length than anyway we have a situation
40:16
where the Morgans are committed for the
40:19
Tony goes fan in which the British
40:21
engineer in 1920 506 where the British
40:27
had a peculiar situation British
40:29
situation was they the pound had been
40:30
depreciated town was always 486 that was
40:33
always had been the pound a reputable
40:35
god god-given pound would all 96 cents
40:37
the pound appreciated during the war but
40:39
it was in place when we inflated but the
40:41
the Western Allies can plate even more
40:43
my Germans also plated even more but if
40:45
they weren’t in the war longer one for
40:48
years and your reward following year and
40:49
a half so any rate the the pound is
40:52
appreciated down to three dollars and 20
40:54
cents by 1920 and the British want to go
40:57
back to an old standard didn’t want to
40:58
fire on money okay but they wanted thing
41:00
it’s just that I going back at 486 we
41:01
can’t go back to 320 that’s that’s been
41:03
that’s been make us a lesser power we
41:05
have to re-establish our great British
41:07
one of them is very financial center of
41:09
the world and to do that we have to go
41:11
back a 14-6 also the bond holders were
41:13
pushing for – of course
41:15
so they’re committed the two things one
41:17
they’re going back to gold but going
41:18
back at 46 and three a committed
41:21
not in order to make this viable they
41:23
learn how to deflate a lot from the
41:25
words at 46 amazing british goods were
41:28
unsalable of other few highly priced
41:30
they’ve had a deflate we’re gonna have a
41:33
tremendous
41:33
contractionary deflation but i was i
41:35
think is great I love these place the
41:36
point is they didn’t love it and now the
41:39
converted to an inflationary cheap money
41:40
policy they want to continue a policy
41:42
inflation cheap money and go back to 46
41:44
billion insane axioms they they started
41:48
with several usually kind of victory and
41:49
crazy axioms and within that they
41:51
maneuver every birth bring it later
41:53
within it a maneuver everybody else of
41:55
course that we covered your back and
41:56
that overvalued currency and all the
41:58
rest of them they also went back to a
42:00
pony go status if the ancestor of
42:01
Bretton Woods they went back Eddie and
42:04
didn’t go back and gold coins that it
42:06
only gold Williams standard you can only
42:09
get like bar is worth ten thousand
42:10
dollars it couldn’t get a coin the
42:13
average person can get at us your
42:15
British citizen could even get gold
42:16
Bunyan you have to be in foreign citizen
42:18
getting only million so it wasn’t really
42:21
redeemable the phone even a mobility
42:23
very much like Bretton Woods really
42:24
ancestor at Bretton Woods and they
42:26
forced all the other countries through
42:27
back at higher currency but the United
42:30
States how did Larry do with us they
42:31
couldn’t force us they didn’t have any
42:33
power over us that they have
42:34
League of Nations over Europe so we
42:37
induced because of the Morgan connection
42:38
they do strong to keep inflating social
42:42
help quote helping Ron prolific keep
42:44
written Tunisian gold us so we were on
42:47
regular gold standard bristles on phony
42:49
milquetoast and we kept them fighting
42:50
currency and credit everything else
42:52
product Heat Britain keep this thing up
42:54
quote any rate during a 1920 but we’ve
42:57
got getting back up our IV analysis you
42:59
have a totally Morgan country in the
43:01
administration building Morgan not just
43:04
strong after World War one this is
43:06
something which hasn’t really dealt with
43:08
my most historian World War one
43:10
discredit not just internationally the
43:12
spread of American domestic policy
43:13
because everybody was fed up with
43:15
inflation and shortages mice controls
43:17
more or less of it which Wilson had
43:18
imposed ministry actually against the
43:21
Democrats and the Republicans getting a
43:23
1920 that was any anyway Wilson was an
43:26
aberration to begin with because there’s
43:28
only came in but originally but the
43:30
Teddy Roosevelt
43:31
Morgan to split Republican Party fresh
43:33
tap the Rockefeller person so in any
43:36
rate we have a republican government in
43:39
the dominant Republic administration in
43:41
the 20s Harding was the Rockefeller
43:43
person largely alleles had a high Oh
43:44
cooks around him it’s on a lovable
43:47
crooks playing poker I kind of like that
43:49
it’s better to be but played poker than
43:52
lung you know to do a lot of damage but
43:54
anyway right so horny horny was sort of
43:59
a rockefeller person earning it has been
44:00
has mysterious illness and dies quickly
44:02
then there’s been no investigation with
44:04
death and Warren Harding no exhume I’m
44:07
gonna say we’re exhuming by the way
44:08
every president lies in office to be
44:10
zooming and peeping investigated with
44:11
subpoena power so a Secret Service guy
44:17
was in the secret service organization
44:19
in hoarding ministration wrote a book
44:21
claiming this is Harding poisoned them
44:23
but that was now he was considered and
44:25
dismisses a nut when he might have been
44:26
enough but nobody ever really
44:28
investigated the charge and that’s very
44:30
much like the McKinley situation
44:31
killings a rockefeller person he alone
44:33
not kill them they suddenly succeeded my
44:35
Morgan personally Teddy Roosevelt
44:37
morning as a Rockefeller person he
44:39
suddenly did by Calvin Coolidge with a
44:41
Morgan person a Calvin Coolidge’s and
44:43
mislabeled biased oriented being sober
44:45
quiet jerk pipe you might have been
44:48
quietly or not just a jerky remember the
44:49
Coolidge family which one of his cousins
44:52
with T Jefferson Coolidge of head of the
44:53
United Fruit Company they were in the
44:55
whole Boston Financial Group the Boston
44:57
Brahmin group which is essentially was
44:58
completely Morgan oriented so Coolidge
45:01
is a Morgan purse if you read this book
45:03
by chernow on the Morgans
45:04
to find out at JP Morgan Jr love colas
45:08
like he thought the chemical is the
45:09
greatest state to the 20th century yeah
45:11
well my mates yeah so he loved Coolidge
45:14
and to Coolidge’s policies were Federal
45:18
Reserve expansion lipping up the boom
45:20
etc and and the his cabinet was a morgan
45:24
cabot up more or less completely found a
45:27
list of that and i’m only get to herbert
45:29
hoover we have also a morgan more or
45:31
less morgan it wasn’t a solidly Morgan
45:33
as Coolidge was but the the Morgans one
45:35
a Coolidge to run to a third term that’s
45:37
really one that kept urging him they
45:38
didn’t try trust to where he’s gone
45:40
right but in you know anyway they
45:41
finally settled on Hoover and Hoover
45:44
his movers controls we say in the
45:46
Espionage business the person we’ve
45:48
checked with right Mauro Morgan partner
45:50
we checked with three times a week on
45:52
policy and advice things like that
45:55
anyway so you have a solidly Morgan have
45:57
Benjamin school you have Coolidge you
45:58
have you have Andrew Mellon the
46:00
Secretary of Treasury was allied with
46:02
Morgan’s we have a solidly Morgan
46:05
administration and what happens during
46:07
the 1929 an she was gonna get kind of
46:10
bitter first of all the Rockefellers it
46:11
bitter anyway and they’re getting bitter
46:15
at Morgan domination the Chicago bankers
46:18
are bitter and most largely Rockefeller
46:19
because of the New York Fed nomination
46:21
so the tremendous ship beginning to be
46:23
permanent tremendous ships of Financial
46:25
Group’s toward the Democrats in 1908
46:28
1920s the 1928 for example the DuPont’s
46:32
would always been Republican and
46:34
protectionist break with the Republicans
46:36
have set up with the Al Smith campaign
46:38
the DuPont executive John raskov added
46:41
with this national chairman of the Al
46:43
Smith campaign and they were they were
46:46
they were bitter for various reasons
46:48
they were bitter first of all because of
46:49
German chemical patents which the
46:52
Germans had the United States has stolen
46:54
from the Germans in World War one
46:55
I’d say stolen me part of a war booty
46:57
think heavy chemical passage you guys
46:59
they’ve grabbed them the question is who
47:01
should get them the more guys wanted
47:02
Morgan and the Rockefellers want to
47:04
return them the German so they could set
47:05
the Germans up turns be able export
47:08
again I things like that
47:09
DuPont one of the keep the chemical the
47:10
patent the DuPont got very bitter about
47:12
that they serve a stout also do plants
47:15
in a big argument du Pont’s with a major
47:16
shareholders General Motors a
47:18
collaboration of the Morgans and a big
47:19
falling out in the 20s the mauryans one
47:22
of the charge them higher – higher price
47:24
for finance and law sort of stuff is a
47:25
big break with the Morgans the DuPont
47:28
start trying to take over US Steel which
47:29
is a big Morgan Corporation and the FTC
47:32
stops the FTC walks the takeover bid
47:35
1926 and the FTC forces of the federal
47:40
government Morgan dominated company so
47:42
the DuPont’s are very bitter they shift
47:43
the Democrats also they hated
47:45
prohibition being passed like extra
47:47
extra incentive and by the 1930s the
47:51
Rockefellers shift also Rockefeller
47:53
personal Rockefeller bitter and Morgan
47:54
nomination to
47:57
The Rock Hall has take over the chase
47:59
National Bank which have been a major
48:00
Morgan bank seized control of the 1930
48:03
and Wipro Wooldridge the son of Milton
48:06
orders comes with chairman general Ward
48:07
and they big pit and the oil industry is
48:10
in fairly bad shape they find this new
48:12
tremendous new oil on Texas and Oklahoma
48:14
oil prices are down on the bottom and
48:17
they decided favor of inflation so what
48:19
you have now is a general a general
48:20
alliance and many business groups in
48:23
favor
48:23
not just cartel as them with the oil in
48:25
our favor uh but also radical inflation
48:28
getting off with old standard paper
48:29
money devaluing though all the rest of
48:31
it
48:32
the driver for studying after forgetting
48:36
all for those bands the committee headed
48:38
by the committee for the nation which
48:39
was set up for that purpose which was
48:42
which hat on it retail store people
48:44
retail owners who wanted retail retail
48:47
people like Remington Rand and finally
48:50
and people like that they they thought
48:52
the consumers get more purchasing power
48:53
they can buy their stuff so they were a
48:55
favorite of inflation being more money
48:57
to consumer that was where the farmers
48:59
of course always want more inflation
49:00
farmers want to increase farm price
49:02
supports and so farmers were agitating
49:05
for inflation and paper money and and
49:09
also the Rockefellers want a higher
49:11
price for oil actually for gasoline the
49:14
retail product so we have the committee
49:17
for the nation’s heavily financed by
49:18
Standard Oil of New Jersey plus the the
49:21
Royal Dutch Shell Group was agitating
49:23
for free silver all these groups got
49:25
together to get us off with old standard
49:28
when when Roosevelt run what Lola
49:31
Roosevelt’s famous break up in London
49:32
economic conference I’ve written on this
49:34
I didn’t know by the time I wrote on us
49:35
I didn’t know about the details forces
49:37
behind the scene when Roosevelt sent a
49:40
delegation the Warburg’s at the one that
49:42
he got my camera they were in favor
49:43
there was actually the Morgan group they
49:44
want to reestablish
49:45
some not exactly go Sam but some kind of
49:47
a fixed exchange rate with England
49:49
England go there I mean buddy baby
49:51
anyway so they want a fixed exchange
49:53
rate with England and the super
49:55
inflation is one of the cut that out
49:56
have a lot of inflation and so the of
50:01
the Rockefellers and they and they pre
50:03
silver people and induce rose about the
50:05
son of the famous telegram the molle
50:07
whatever things cutting up
50:09
cancel negotiations were ending the
50:11
London gun macabre that’s what happens
50:13
then the first New Deal
50:15
the early New Deal is essentially the
50:17
brilliant writings on this by Thomas
50:19
Ferguson of the new left local scientist
50:21
who’s writing a great book which hasn’t
50:22
been published yet finish it I’m waiting
50:25
for great anticipation coldly
50:27
tentative title is lutely full of the
50:30
house of Morgan on the coming of the New
50:31
Deal
50:31
the interprets I think I mean that was a
50:36
big Morgan thing that both together and
50:39
was put in by the Rockefellers and
50:41
others one of the smash them and cut the
50:43
cup of time as in commercial Investment
50:45
Banking that was the big fire steagle
50:46
act and also the public utilities
50:49
holding act 1935 to break up the Morgan
50:52
run public utilities companies the
50:53
Morgans the holding companies public
50:55
authorities was successfully
50:56
accomplished there’s a big smash of the
50:58
Morgans those essentially the crushing
50:59
them of a Morgan oil Empire but I have
51:03
succeeded while they and also several
51:06
izing power and the Washington’s fed the
51:08
New York Fed was still Morgan oriented
51:10
so they overcome this in the Banking Act
51:12
perfect bank 1935 and coming in as a
51:17
dynamic New Deal head of the Fed of
51:20
Marriner Eccles neuro necklaces that you
51:22
table banker an interesting thing about
51:25
echoes which hasn’t been pointed out and
51:26
not everybody praising echo something a
51:28
pre pain meters American accounting
51:29
review an arquebus
51:30
seven years ago saying that goes the
51:32
break I’m just pre change iam not even
51:33
leading pains before teens existed or
51:35
wherever he’s running a stuff of that
51:37
you need these deficit spending and more
51:39
consumption or less of it he wasn’t just
51:41
that he’s also in favor of everything
51:43
out Social Security and then
51:45
unemployment insurance schemes and going
51:47
back to World War one collectivism the
51:49
rest of it all out status any rate Ghazi
51:53
we come again we look at echoes we
51:55
wasn’t if the guy suddenly pops up a new
51:57
talk and he’s there for that from 1934
52:00
is head of the Fed until 1948 so he want
52:04
what he was was the richest person in
52:06
Newton he was head of a fleet of bank
52:08
holding companies and very very very
52:10
opposed to the Morgans when he follow
52:12
they were they were paganistic to him by
52:14
by being able to use in new york fed of
52:16
the power of stuttering one of the
52:18
smashing new york fed on the Morgans
52:19
he’s a lie or the Rockefellers in doing
52:21
well in purple
52:22
which is also pushing for taking over
52:24
smashing New York Fed so he was and also
52:29
addition to that echoes was connected
52:31
strongly Rockefeller interests usually
52:33
in a construction Utah construction
52:35
companies both of Boulder Dan and lots
52:37
of other stuff in collaboration with the
52:40
famine world California the Bechtel
52:42
corporation which in turn is heavily
52:45
connected has always been heavily
52:46
connected with Standard Oil of
52:46
California the Rockefeller oil Empire by
52:49
the waying we look at baek dohui note of
52:51
the fact of two to Reagan administration
52:54
cabinet members George Schultz and
52:56
Caspar Weinberger both Bechtel executive
52:59
the things are coming into it who is
53:01
Bechtel Beckles the world’s biggest
53:03
construction company also very strong we
53:05
can connect an attache of the
53:06
Rockefeller oil Empire when Rockefeller
53:08
got the big concession Saudi Arabia or
53:10
concessions Beckham so the basis answer
53:12
those stuff those pipelines and and and
53:15
the world bases its up like that so all
53:18
these businesses are interconnected
53:20
so what you’ve got senator Andy and the
53:23
first New Deal in particular we have a
53:24
more like smashing the Morgans are life
53:27
the power of the Rockefeller
53:29
details and first Buster blow of
53:31
empowerment Harriman is a big Democratic
53:33
tribute earth that the first to begin a
53:36
new deal and collaboration with course
53:39
intellectual collectivist one
53:41
interesting thing is that the banking
53:43
Banking Act of 1935 which centered power
53:46
on the Federal Reserve and the Reserve
53:48
Board in Washington was written but both
53:50
by echoes and by Lachlan curry English
53:53
quantitative this and my name’s also an
53:56
economist and also correlated trans be
53:58
still be at AG I’m not now Mac I’m not
54:01
saying that Soviet a must and a Kremlin
54:03
they told curry
54:04
push push Federal Reserve Guevara
54:06
something like that it’s going on it’s
54:09
only along the same path centralizing
54:11
power and then government in Washington
54:14
dominating crippling any kind of free
54:17
market systems so there’s a little fits
54:18
into the cold pattern so now after the
54:22
war what happens after the war is over
54:25
the in general and the titanic struggle
54:28
between the Morgans on one hand and the
54:31
Rockefeller come over on the other the
54:33
beginning we have a date time from the
54:34
date on
54:35
world war ii world war ii was a happy
54:37
hunting ground when people basically
54:39
what happened was a Morgan
54:40
once again wanted an intervention in
54:41
Europe and connected with Britain France
54:44
and Britain France French commands
54:45
Morgan’s goes out to crush Germany at
54:48
both of World War one and World War two
54:50
ideology doesn’t seem to make I can law
54:52
a difference here the me and the other
54:54
hand Rockefellers had no interest in
54:55
Europe as a matter fact they had they
54:58
had cartel arrangements with IG Farben
55:00
so they were isolationism or in Germany
55:02
area in the Europe they only had in one
55:03
of the question pants and was evil
55:05
little product takeover rubber and oil
55:08
Southeast Asia which the Rockefellers
55:10
wanted the Rockefellers reign very
55:12
interested in crushing Japan stopping
55:13
hope Japanese aggression on quote and
55:15
from from 1933 on and 31 on success I
55:20
mean how the Morgans were sort of
55:21
isolationist on Japan matter-of-factly
55:23
the one person in the State Department
55:26
of the 30 against world Japan which
55:28
those who see grew with a Bachelor of
55:30
Japan you look at this example do see
55:32
growing up masters can muster than
55:34
pro-japanese that’s not really the point
55:36
a point is he was a Bentley a Morgan
55:37
person II was cousins dating Morgan Jr
55:40
he Morgan Marion of the groom’s family
55:42
is very close relative so it so is it
55:46
conspiracy theories they were looking on
55:48
the skies is a cousin Morgan maybe is
55:50
his policies were also consonant is it
55:52
an action of his policies going along
55:54
with a Morgan financial assistance so at
55:56
any rate we’ve always gone by the way
55:59
john foster dulles were already
56:00
mentioned the rockefeller where for many
56:02
decades
56:04
he was an isolationist in world war ii
56:06
and after the war is over
56:08
I mean his problem comes up the oldest
56:10
son becomes the world will crusader
56:11
weapon that would feed him everywhere
56:13
but crush aggression everywhere our
56:14
tyranny how come he shift so radically
56:17
in 1940 to 1950 it could have been of
56:19
course intellectual shift the other hand
56:21
isn’t it keeps me going along with the
56:23
fact of the Rockefeller interests also
56:25
shifted isolationist the whole global
56:28
trading position any rate after World
56:30
War two we have a totally different line
56:31
up the line output is essentially the
56:35
Rockefellers become the senior partners
56:36
in the whole Rockefellers and Morgan’s
56:38
become permanently permanently allied
56:40
and Morgan’s becomes junior partners in
56:43
the Rockefellers that Eastern
56:44
establishment in 1945 or so on
56:47
and symbolize in many ways one thing the
56:49
Council of Foreign Relations is set up
56:51
by them more than Morgan’s and that the
56:53
world will want to push internationalism
56:55
and foreign loans all the rest of it
56:57
I was taken over by the Rockefellers
56:59
after World War Two and sort of a
57:01
friendly takeover not a hostile takeover
57:03
and the oil becomes the dominant for
57:06
situation in general and the
57:08
Rockefellers take it stays senior senior
57:10
post and the so-called Eastern
57:13
establishment so from then on the heads
57:15
of the Fed become doesn’t make much
57:17
difference then moving on rockefeller
57:18
although it’s interesting so excited for
57:20
the first guy Thomas McCain after Echols
57:23
leaves the cumin a brush with Truman how
57:27
much McKay becomes head of the Fed for
57:30
few years easy he was ahead of Scott
57:32
Paper Company which is now lies in the
57:33
Morgan interest after that when you make
57:36
Chesney Martin but much beloved figure
57:39
becomes head of the Fed maybe cousin
57:41
Martin jr. he’s insane Louis I think the
57:45
key thing is his father-in-law Mike
57:47
Davis with Secretary of War under
57:48
Coolidge was tied in with a Morgan
57:50
interest and an after after Martin we
57:54
have first a beloved Paul Volcker who
57:57
was lionized by everybody the press the
58:00
media I could then makes everybody else
58:02
e-66 even had a filter cigar the
58:04
charismatic figure I don’t think I was
58:06
reading the lion eyes my eyes that’s
58:08
because the fact he was he was who he
58:10
was and where chairman was fed and also
58:11
forth long time connected with
58:13
rockefeller world empire The Economist’s
58:16
or the taste of that Manhattan bat
58:17
National Bank you then that happened
58:19
back these economists before that for
58:21
Exxon corporations that were separate
58:22
his whole life in the Rockefeller ambit
58:25
Alan Greenspan by little an addition me
58:27
ladies ex Randian
58:29
our means family also before he became
58:31
head of the federal border and the more
58:33
directors of AIG or Morgan Guaranty
58:35
Trust Company as big morgan holding bank
58:37
he’s also of course the neck of the
58:39
Trilateral Commission should be
58:40
mentioned here’s a proposal council
58:43
correlation is getting kind of unwieldy
58:44
the David Rockefeller set up the
58:46
trilateral commission in the early
58:47
seventies a very small group
58:49
I think 75 people in United States
58:52
anything like that to sort of plan the
58:55
world a plan the world economic scene
58:56
and Laura suggests make suggestions by
58:59
the way I should say this also that the
59:00
young during what happens in Bretton
59:04
wood Bretton Woods for example was set
59:06
up the whole Bretton Woods system was
59:08
planned ahead of time during World War
59:10
Two like five hundred secret rulers had
59:12
up headed by the Council of Foreign
59:14
Relations conquer the morgan people
59:15
began to work their way back by late
59:18
39-41 reason norman Davis in the head of
59:21
a cfor was a Morgan person was also a
59:23
host buddy of Franklin Roosevelt so that
59:25
has personalization anyway they work
59:27
their way back and they plan the
59:28
post-war world both both the containment
59:31
policy and Cold War and also the
59:32
economic policy of Bretton Woods in the
59:34
banking the rest of it and there’s two
59:37
people the two Americans who are
59:38
planning it from CFR were magic a minor
59:41
and Albin Hansson
59:42
supposedly two opposite ends of the
59:44
spectrum they can find it being alleged
59:46
right when you’re a handsome Els those
59:47
actually very close to very close to me
59:49
it’s sort of like it’s like right left
59:51
on crossfire after Pepe Canada’s last
59:53
image more or less the same thing very
59:55
very nuanced difference being so for
59:58
writing this book all over respectable
60:00
Center and so what you got is a an
60:03
agreement on a painting boost for set up
60:06
and and just minor difference in kind of
60:09
negotiating it seems all talking one
60:12
more cut with Britain loss or a little
60:13
memory miner negotiation everybody very
60:15
happy for the post-war monetary picture
60:18
where essentially the English system
60:20
comes back with the dollar being a pony
60:22
goes bad instead of it instead of the
60:23
British Pound
60:24
so and basin and the state with a power
60:28
elite we essentially have Rockefeller
60:29
domination more largely with the Morgans
60:31
as being a partner the what happened in
60:35
post-world War two America is basically
60:37
the other there’s always competition
60:38
both in economics and politics and the
60:40
Eastern establishment has been
60:42
challenged like like sort of maverick
60:45
types in nineteen fifties on maverick –
60:47
mostly Tamiya Texas or Southern
60:50
California or Florida and were the
60:52
Sunbelt new Gotham self-made
60:55
millionaires a pop up so sort of so a
60:58
monkey wrench into the system and
61:00
there’s been cool the cowboy great book
61:03
through the carrion
61:04
reporter historian type of alcohol Oh
61:06
was the or a big footballing Yankee
61:07
cowboy war which is a great explanation
61:09
of the Watergate of all these political
61:12
since World War two Watergate on Kennedy
61:14
assassination one very interesting
61:16
package any rate the essentially he look
61:20
at I think very interesting way to look
61:22
at it but he looks at example the
61:24
Kennedy assassination basically a coup
61:26
by the Cowboys to take over to take
61:29
power that’s the Yankee Kennedy puts me
61:31
in quintessential Yankee Lyndon Johnson
61:32
the quintessential cowboy and once again
61:36
lone nut’ pops up and suddenly the
61:38
change and tremendous fundamental change
61:40
in power elite rule and then water heat
61:44
surface Watergate is a counter-attack by
61:45
the Eastern establishment using not
61:47
violence but the media CB it’s
61:49
respectable media PBS Washington Post
61:52
New York I’m a first up using control
61:55
and public opinion house Nixon who of
61:58
course basically cowboy taught committee
62:00
for the California it’s very interesting
62:01
kind of way of looking at it because
62:02
then you don’t look at Republican versus
62:04
Democrat son like you look at who the
62:05
Financial Group here what’s the you know
62:07
what’s going on who the power elite
62:08
forces at work and we’ve course we need
62:10
more analysis of this meaning more
62:12
scholars one of the problems in this
62:14
whole field is since the feel is not
62:16
considered respectable feel apparently
62:18
mean analysis Orthodox historians on
62:21
plus they work at it I can uh make time
62:23
some work out it’s more easier total bad
62:24
you know every three every battle of the
62:27
Civil War and great detail another bad
62:29
thing Morgan Rockefeller can combine and
62:31
so what you get is the people leaves the
62:34
field of analyzing that stuff is sort of
62:36
more marginal types independent dollars
62:38
or reporters and things like that attend
62:41
against it might make more mistakes and
62:43
that’s what they get jumped on is
62:44
crediting the whole whole approach
62:46
that’s one of the problems this whole
62:47
area tends to be so fulfilling prophecy
62:50
well it’s guys made mistake it all feels
62:52
make mistake but the pioneering have any
62:54
kind of new discipline this basically is
62:57
so anyway that’s the school comes from
63:00
looking at but these guys are doing
63:02
before they got into office after I got
63:04
out of office and I think I say yes the
63:06
kind of insight you get and you’re
63:09
looking at you know Brooks Assizes
63:11
throughout his life and
63:15
as John force with dolls and these
63:17
people mera echoes or anything gives you
63:19
a co a new perspective and and needs to
63:23
be brought out or bored out and
63:25
discussed our work is almost we’ve never
63:28
done that way and that’s more open to
63:32
the new one another way of looking at
63:34
the feds not just not just people doing
63:36
things everybody mr. Pettit sort of
63:38
screwed up for the main error things
63:39
like that but maybe the errors are also
63:41
systemically Latos really doing it why
63:43
they’re doing it maybe not so much an
63:45
error from their point of view it might
63:46
be perfectly rational the point really
63:48
forces that are operating it it’s it’s
63:51
like a farm policy your major cultural
63:53
policy if you look at agricultural
63:55
policy and I’ll leave you with that look
63:57
at this farm policy since the New Deal
63:58
it’s actually since 1928 and Hoover’s
64:00
started you look at this farm pilot 1929
64:03
Hoover started you look at the farm
64:05
policy looks irrational many economists
64:07
they see irrational why is it Iraq we’ll
64:09
look first you pay the farmers not the
64:11
gross stuff you pay them to grow less
64:12
you pay them not to grow food and then
64:16
that’s one thing and then you also pay
64:18
them another the division of the farm
64:20
agriculture Hazelton grow more food
64:22
presently irrigate have more fertilizer
64:25
in rural educational rest of it so it
64:28
increases their production in one hand
64:29
the federal government increases their
64:31
production they only hanataro government
64:32
pays on the cut production it seems
64:34
irrational it’s irrational from our
64:36
point of view it’s not irrational from
64:37
point view two groups one is part of
64:39
America the more and more bureaucrats to
64:41
a farmer they get paid both ways they
64:43
get paid from producing more they give a
64:44
paper producing less that’s great
64:46
those are still less than there’s a
64:48
large farmers would benefit from it
64:49
so in rationality is only thing kind of
64:51
which forever you’re talking about the
64:53
point of view first the economy or the
64:54
panels of the enforces they’re rational
64:56
the point view the forces at work it
64:58
isn’t that’s a I think my way it’s
65:00
important in general just believe you
65:02
with this thought yeah when we argue for
65:04
the free market they tend to look at it
65:06
as intellectual error it supports it
65:08
socialism state is more intellectual
65:10
errors wrong and illegal also probable
65:13
consequences or whether there’s
65:15
something else involving lis economic
65:16
interest among many of these guys
65:18
benefit from these policies at for it
65:20
but if they benefit from it you look for
65:21
examples you look at I was growing up in
65:24
the entering of the field and
65:25
free-market field you look at Nelson
65:27
Rockefeller
65:28
and a lot of our family status the help
65:30
and usual explanation of why they stated
65:33
usual exercises why they were
65:34
brainwashed by left weighing professors
65:36
or lying prep school teachers what’s one
65:38
way to look at by the way look guys
65:39
maybe they’re benefiting from it maybe
65:41
that’s why they’re for it maybe as a
65:42
tie-in maybe not so crazy I mean it
65:44
isn’t brainwashing and B’s perfectly but
65:47
if you’re immoral setting if I’m
65:48
morality they still disappeared anyway
65:50
but benefiting from their point of view
65:51
my things means deep investigation thank
65:54
you thank you very much

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Murray N. Rothbard Quotes

The important desideratum is freedom of the market; a country or region will often best develop, depending on conditions of resources or the market, by concentrating on one or two items and then exchanging them for other items produced elsewhere.Murray Rothbardhttp://www.readrothbard.com/quotes… (next quote)